MUST-READS

• BYD’s 1st showroom in Saudi Arabia opens

  BYD's first Saudi Arabian store opened in the country's capital, Riyadh, on May 28 in the heart of the Al Ghader district, the Chinese new energy vehicle (NEV) maker announced today on Weibo. The first BYD store in Saudi Arabia was built by local distributor Al-Futtaim Electric Mobility Company and includes a showroom, discovery center and service center.

• Lucid, EVIQ sign MoU to set up high-speed public charging infrastructure in Saudi Arabia

  Saudi Arabia is set to activate high-speed public charging infrastructure to support the adoption of electric vehicles, thanks to a new agreement. The memorandum of understanding between the electric car specialists Lucid and Electric Vehicle Infrastructure Co., also known as EVIQ, aims to foster cooperation and the exchange of expertise in developing and enhancing the Kingdom’s EV sector.

• Saudi Arabia Ramps Up Bonds to Help Fund MBS’s Big Projects

  Saudi Arabia hasn’t had a busier stretch in the debt market since the 2014-2016 oil crash left its budget with a double-digit deficit.

  Even with crude prices up 10% this year, it’s trying to borrow its way through a fiscal squeeze caused by the need to fund huge projects championed by Crown Prince Mohammed bin Salman, widely known as MBS, to transform the economy.

• Saudi Arabia to launch Aramco’s secondary offering on June 2: Report

  Saudi Arabia is set to formally launch a secondary offering of Saudi Aramco on June 2, Bloomberg reported, citing unnamed sources with knowledge of the matter.   The government plans to run a book-building process to gather investor orders until June 6. The stock sale has already attracted informal interest from investors across the Middle East and Europe totaling over $10 billion.

• Saudi Arabia Set to Launch $10 Billion Aramco Offer Sunday

  Saudi Arabia is preparing to formally launch a secondary offering of shares in oil giant Aramco as soon as Sunday, a deal that could raise more than $10 billion and rank among the largest of its kind in recent years.

  The government plans to run a book-building process to take orders until next Thursday, people familiar with the matter said, asking not to be identified as the information is private. The deal has attracted informal interest from investors across the Mideast and Europe totaling over $10 billion, they said.

• Saudi ‘Ignite’ digital content program grows 70% in 2023: Vice Minister

  The Ignite digital content program grew 70% year-on-year (YoY) to SAR 20 billion in 2023, which reflected positively on the Kingdom’s gross domestic product (GDP), said Haytham AlOhali, Vice Minister of Communications & Information Technology, on the sidelines of a digital advertising event.   Ignite is one of the Kingdom’s digital economy fundamentals, AlOhali underlined, adding that the size of the local advertising market doubled from SAR 1.9 billion in 2022 to SAR 4.8 billion in 2023.

• The power of innovation and collaboration in Saudi Arabia

  In our industry, ‘innovation’ is a buzzword that’s thrown around a lot, but often falls short in practice. Every conversation and project request seems to demand innovation, but most of the time, it doesn’t deliver. Let’s break it down: there’s basic improvement, which some might call innovation, and then there are big ideas that never actually happen.

• Aleksandar Mitrovic and Ruben Neves enjoying work-life balance of Saudi Pro League

  Mitrovic, originally from Serbia, said: "After seven years in England I think the first thing was the sun. I never had summer sun in my life. "It's been different you know, different culture, different football, the mentality of people as well but so far I'm really happy. My family is happy. The club is amazing so far it's a great experience and looking forward to more years.

• Saudi expands strategic toolbox with Lenovo deal

  By the usual standards, Lenovo’s (0992.HK), opens new tab new debt deal doesn’t make much sense. The $2 billion convertible bond, opens new tab, sold exclusively to a unit of Saudi Arabia’s Public Investment Fund, pays no interest and carries a conversion threshold of HK$10.42 per share that is already below the company’s current stock price. But the security cannot be exchanged for shares until just before it matures in 2027. On the face of it, the laptop maker is getting the better end of the deal.

• Will Saudi-Iranian Relations Be Affected By Raisi’s Demise?

  The Saudi government took further steps by dispatching a delegation to Tehran, including Prince Mansour bin Miteb bin Abdulaziz, adviser to King Salman and minister of state, and Foreign Minister Prince Faisal bin Farhan. They were joined by Saudi Ambassador to Tehran Abdullah Al-Anazi. The delegation met with Acting Foreign Minister Ali Bagheri Kani and paid their respects to the victims of the helicopter crash.

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